Mr. Paul Ryan Cuevas, Research Analyst for Colliers International Myanmar.

According to the latest quarterly retail report from global real estate service provider, Colliers International Myanmar, there is an unprecedented opportunity for the country to use e-commerce to propel the retail sector. “While the country’s e-commerce future looks favourable, a huge amount of work from the government remains, particularly in improving the legislative framework, information and communications technology, and payment infrastructures,” said Mr. Paul Ryan Cuevas, Research Analyst for Colliers International Myanmar.

Colliers go on to say that "Myanmar can be considered a latecomer to the e-commerce wave, having experienced international isolation until 2011. While the country’s e-commerce future looks favourable, a huge amount of work from the government remains, particularly in improving the legislative framework, information and communications technology, and payment infrastructures. In the meantime, given the strong development pipeline for 2019, along with the shift in consumer preferences towards modern retail developments, Colliers encourages both developers and retailers to rethink their projects and start differentiating their offerings with more emphasis on experience and convenience. Prospects for large-scale shopping malls and lifestyle-oriented centres remains strong."

Meanwhile, the citywide occupancy rate reached the 90% level at the end of Q4 2018. The continuous entry and aggressive expansion of foreign brands should help buoy the overall take-up rate for the succeeding year. By the same token, average rent declined at USD31.4 psm per month. Further introduction of higher quality projects should support premium rents in the next 12 months. Looking ahead, as more international quality supply comes online, Colliers advises developers to target new and innovative concepts to the market. “It is no longer a focus on sales per square foot but experience per square foot,” said Mr. Cuevas.